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AgraFlora Organics International Inc. has signed an agreement to sell its wholly-owned subsidiary, AAA Heidelberg Inc., for approximately $1 million. The deal is part of AgraFlora's strategy to streamline operations and focus on core assets, particularly their facility in Delta, BC. The transaction is expected to close in the second quarter of 2021, pending customary approvals. CEO Elise Coppens emphasized that this move reflects the company's transformative phase aimed at enhancing shareholder value.
AgraFlora Organics International announced the appointment of Elise Coppens as its new CEO effective March 8, 2021. Coppens, with previous roles at Bloomera and Aurora Cannabis, aims to implement a new corporate strategy. Former CEO Brandon Boddy will assist with the transition. AgraFlora has also engaged Meadowbank Strategic Partners for investor relations and corporate development services for three months, with a fee of $3,500 per month. The company's focus remains on building shareholder value in the Canadian cannabis market.
AgraFlora Organics International announced key updates on its cannabis production facility, Propagation Services Canada (PSC), located in Delta, British Columbia. PSC is poised for its first commercial sales in Summer 2021, focusing on three high-demand cannabis strains: Mimosa 37, Kosher Kush, and Gelato. Significant infrastructure modifications have increased drying capacity, expected to boost revenue. The company issued 1,420,018 common shares to settle $71,000 in debts. Despite promising developments, the company faces risks relating to regulatory approvals and forward-looking statements.